What's New
We are excited to announce that the Vendor Suite Template is now Generally Available to all our ELM Reporting customers. The Spend Suite Template and the Vendor Suite Template have also been enhanced with additional features that cater to the requests voiced by our customers. Key updates include:
- Savings Dashboard in Spend Suite Template: shows savings associated to invoices that were resubmitted by vendors, providing valuable insights into cost management.
- Timekeeper Rate Review Dashboard in Vendor Suite Template: serves as an internal benchmarking tool that enables clients to compare approved and proposed rates amongst vendors. Advanced filters like timekeeper location and area of law, ensures accurate and like-for-like comparisons, aiding in the rate approval process.
- Diversity Dashboard in Vendor Suite Template: was previously a stand alone report, has now been embedded into the Vendor Suite Template, making it more accessible.
These enhanced Best Practice Templates will be released to all ELM customers on September 7, 2024.
- Savings Dashboard added to the Spend Suite Template shows ‘Savings’ associated to Invoices that were ‘Resubmitted’ by Vendors.
- Navigate to the Savings Dashboard by clicking on the ‘Savings Dashboard’ button placed at the bottom of the Spend Suite Template.
- Leverage the dashboard filters to track Savings associated to specific invoices.
- Look at the KPI’s that give a quick snapshot of “# of Invoices” that were Resubmitted, “Original Invoice Amount” for these invoices, “Resubmitted Invoice Amount” and thus “Savings” achieved.
- Savings Calculation: Savings are calculated by subtracting the Original Invoice Total from the final Invoice Total. e.g. Consider an invoice with Original Invoice Total $1000. This invoice was rejected by the reviewer. The vendor edited this invoice in Billing Point and resubmitted it with a new Invoice Total of $850. As a result, Savings for this invoice will amount to $150 (1000 - 850).
- “Group by” enables grouping the Resubmitted Invoices by different dimensions such as Matter Manager, Matter Type, Matter Region, Vendor, Area of Law.
- The Grid shows details of these Invoices along with metrics to track Savings at Invoice level as well as at the Group By level.
- Click on the hyperlinked Invoice #’s to open and validate the Invoices in Onit.
- Click on the Expand button to see an expanded Grid View and to Export these Invoices and Line-Item details.
- Note that the Savings dashboard shows savings associated to invoices that have been edited and resubmitted by Vendors. If the Vendor voids an invoice and submits a new one with a different Invoice Number then it will not be considered as a Resubmitted Invoice.
- Timekeeper Rate Review Dashboard added to the Vendor Suite Template serves as an internal benchmarking tool that enables clients to compare approved and proposed rates amongst vendors. Advanced filters like timekeeper location and area of law ensure accurate and like-for-like comparisons, aiding in the rate approval process.
- Navigate to the Timekeeper Rate Review Dashboard by clicking on the "Timekeeper Rate Review" button placed at the bottom of the Vendor Suite Template.
- Select a Vendor who's Rates are in Review.
- Look at the Low/Avg/High Approved Rates across staff classifications for the Selected Vendor
- Look at the scatter plot that shows Approved Rates plotted against Years of Experience for the Selected Vendor
- Select Comparative Vendor/Vendors with whom you would like to compare the rates of the Selected Vendor.
- Look at the Low/Avg/High Approved Rates across staff classifications for the Comparative Vendor/Vendors
- Look at the scatter plot to compare how rates and experience vary across different Comparative Vendors, potentially identifying patterns in rate approval process
- Click on any of the staff class color legend to highlight Timekeepers belonging to a certain staff classification.
- The Timekeeper Details Grid shows key metrics such as Approved Rate, Proposed Rate, Rate Difference and % Change. This Grid can be expanded and exported.
- Reviewers can compare Proposed Rates to Approved Rates and assess whether or not a Timekeeper is asking for a fair rate increase.
- The Yearly Spend Impact shows the impact on Spend if Proposed Rates were approved considering Timekeepers work for the same number of hours.
- Timekeeper has an Approved Rate of $500 and has worked for 10 hours. Approved Rate Spend = Approved Rate * Hours = 500 * 10 = $5000.
- Timekeeper has a pending Proposed Rate of $600. Proposed Rate Spend = Proposed Rate * (same) Hours = 600 * 10 = $6000.
- Note that actual Spend (Net Spend) is not the same as Approved Rate Spend. This chart intends to show a comparison between Approved Rate and Proposed Rate.
- Diversity Dashboard which was previously a stand alone report, has now been embedded into the Vendor Suite Template making it more accessible.
- Navigate to the Diversity Dashboard by clicking on the 'Diversity Dashboard' button placed at the bottom of the Vendor Suite Template.
- The Diversity dashboard shows the distribution of Spend and Hours across different diversity metrics such as Ethnicity, Gender, Veteran, Disability and LGBTQ+.
- The hierarchy chart can be leveraged to drill down to two level of details to visualize Ethnicity - by Vendor, Gender and Staff Classification. Click on 'Diversity Grid Report' to expand and export the report for further analysis.
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Vendor Suite Security
- Vendor Suite Template now supports Onit security. This template allows report users to view and drill down to only those Invoices/Matters that are accessible to them within Onit applications. Please contact Onit Support to enable security for Vendor Suite Template.
- Onit security will not be applied to the Vendor Comparison Dashboard and Diversity Dashboard as both of these dashboards showcase visualizations based on aggregated data sets and do not allow drilling down to individual Matter/Invoice/Timekeeper level details.
- The following views with not be accessible via DaaS:
- bp_invoices_validation
- timekeeper_practice_area
- invoice_ai_line_item_cube